Indian shares extend record rally to third day; Adani Ports jumps 5%

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India shares extended record gains to a third session on Friday, helped by sustained overseas inflows.

Risk appetite got a lift on news reports that the government is mulling 100 percent foreign direct investment in the banking sector.

The Indian rupee strengthened against the U.S. dollar, tracking gains in other Asian currencies.

The S&P BSE Sensex added 0.71 percent at 35,511 while the broader NSE Nifty advanced 0.72 percent to 10,894.

Among the top Sensex gainers, Adani Ports rose 4.7 percent, ICICI Bank gained 2.3 percent, State Bank of India added 2 percent while TCS was up 2 percent.

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Adani Ports and Special Economic Zone gained after the company reported a 19.5 percent rise in fiscal-third quarter profit.

Yes Bank rose 2 percent after the bank reported a 22 percent rise in net profit for the December quarter.

Wonderla Holidays climbed 6.3 percent after the government cut good and services tax on amusement parks.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

Meanwhile, Asian shares hit fresh record highs and were headed for a sixth week of gains.

Risk appetite improved on optimism over global economic growth and improved corporate earnings. China's better-than-expected growth data further supported sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent to a record top. The index had climbed 1.2 percent on the week, during which it rode a surge in global equities, Reuters data showed.

This article was first published on January 19, 2018